As discussed here, on July 14, 2009, SEC Chairman Mary Schapiro testified and answered questions at a House Financial Services Committee hearing (”SEC Oversight: Current State and Agenda“). At the hearing, Rep. Gary Ackerman of New York praised Schapiro for her accountability following a February 4, 2009 hearing that left both Congress and (according to Ackerman) Schapiro “aghast.” At the February hearing, none of the five panelists present from the SEC were willing or able to answer Congress’ questions on how the SEC missed the Madoff scam. The SEC witnesses repeatedly stated that they could not answer that question because of an ongoing Inspector General investigation, which “frustrated [Ackerman] beyond belief.”
